TILLY'S, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TILLY'S, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	569	577	598	619	531	776	672	623	569	554
Cost of revenue	400	402	418	433	389	499	470	457	420	389
Gross profit	168	175	181	187	142	277	203	166	150	164
Selling, general and administrative	149	151	149	158	145	189	192	197	200	184
Operating income	19.3	24	31.5	28.5	-3.04	87.6	11.2	-31	-49.8	-19.3
Other non-operating income	0.42	1.22	2.31	2.9	0.58	-0.59	1.98	5.2	3.84	1.75
Pre-tax income	19.7	25.2	33.8	31.4	-2.46	87	13.2	-25.8	-46	-17.6
Income tax	8.34	10.5	8.85	8.73	-1.31	22.8	3.49	8.71	0.22	-0.14
Net income	11.4	14.7	24.9	22.6	-1.15	64.2	9.68	-34.5	-46.2	-17.5
EBITDA	42.6	47.4	54	49.4	16	104	25.3	-18.1	-37.1	-8.76
EPS, diluted								-1.16	-1.54	-0.58
Shares, basic (weighted)	28.5	28.8	29.3	29.5	29.7	30.6	30.1	29.8	30	30.1
Shares, diluted (weighted)	28.5	29.1	29.8	29.8	29.7	31.1	30.3	29.8	30	30.1
Dividend per share						2.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	79	53.2	68.2	70.1	76.2	42.2	73.5	47	21.1	46.3
Short-term investments	54.9	82.8	75.9	69.8	65	97	39.8	48	25.7	0
Receivables	3.99	4.35	6.08	7.49	8.72	6.71	9.24	5.95	4.09	6.09
Inventory	47.8	53.2	55.8	56.9	55.7	65.6	62.1	63.2	69.2	61.7
Other current assets	0.84	0.77	0.92	0.63	0.81	0.76	0.64	0.78	1.65	11.1
Total current assets	195	203	217	209	212	228	202	176	131	125
Property, plant and equipment	89.2	83.3	73.8	66.2	52.6	47.5	50.6	48.1	40.1	33.5
Lease right-of-use assets			0	264	230	217	213	204	170	150
Other non-current assets	6.07	3.74	2.19	7.95	1.27	1.36	1.38	1.6	1.56	1.7
Total assets	291	290	293	547	507	505	476	430	342	311
Accounts payable	17.6	21.6	24.2	20.6	25	28.1	16	14.5	11.1	21.7
Accrued liabilities	23.9	22.7	18.8	20.8	30.7	19.1	15.9	13.1	12.8	12.1
Deferred revenue	10.2	10.9	10.4	2.4	13.5	17.1	16.1	15	14.1	13.3
Total current liabilities	65.4	95.6	97.3	145	134	136	108	105	99.4	100
Lease liabilities			0	241	200	172	168	161	126	113
Other non-current liabilities	0	2.72	1.76	0.72	1.35	0.98	0.35	0.32	0.15	0.1
Total liabilities	101	130	130	387	347	330	299	285	242	226
Paid-in capital	138	144	150	153	155	167	170	172	175	177
Retained earnings	51	16.4	13.3	6.28	5.14	7.75	6.53	-28	-74.2	-91.6
Other comprehensive income	0.07	0.01	0.23	0.21	0.02	-0	0.21	0.32	0.2	0
Shareholders' equity	189	160	163	160	161	175	177	145	101	85.1
Total equity	189	160	163	160	161	175	177	145	101	85.1
Total liabilities and equity	291	290	293	547	507	505	476	430	342	311

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	11.4	14.7	24.9	22.6	-1.15	64.2	9.68	-34.5	-46.2	-17.5
Depreciation and amortization	23.3	23.4	22.5	20.9	19.1	16.8	14.1	12.8	12.8	10.6
Stock-based compensation	2.57	2.41	2.21	2.14	2.04	1.92	2.27	2.22	2.06	1.93
Deferred income tax	-1.17	2.93	0.95	-5.72	-4.95	0.5	2.95	8.5	0	0
Change in receivables	1.4	-0.36	-1.73	3.2	0.1	4.02	1.71	5.56	2.86	-1.59
Change in inventory	3.59	-5.45	-2.78	-1.09	1.2	-10.1	3.51	-1.04	-6.02	7.49
Change in payables	1.62	3.56	3.2	-4.23	5.02	3.17	-12.2	-1.47	-3.41	10.6
Cash from operations	48.5	32.7	46.7	36.4	38.9	63.4	-1.42	-6.73	-42	4.1
Capital expenditures	-17	-13.8	-14.9	-14.3	-8.47	-13.4	-15.1	-14	-8.22	-4.69
Purchases of investments	-99.7	-152	-136	-127	-80.9	-162	-89.3	-121	-74.5	0
Sales and maturities of investments	95	125	145	134	86.2	130	147	115	98.5	25.8
Cash from investing	-21.7	-40.9	-6.26	-6.51	-3.2	-45.3	42.8	-20	15.8	21.2
Stock issued	2.08	3.39	3.65	1.59	0.02	9.57	0.18	0.4	0.29	0
Share buybacks					0	0	-10.9	0	0
Dividends paid	0	-20.1	-29.1	-29.5	-29.7	-61.6	0	0
Cash from financing	1.12	-17.6	-25.5	-27.9	-29.7	-52.1	-10.1	0.23	0.29	0
Net change in cash	28	-25.8	15	1.98	6.05	-34	31.3	-26.5	-26	25.3
Free cash flow	31.5	19	31.8	22.1	30.4	50	-16.5	-20.7	-50.2	-0.59
Interest paid	0.08	0.03	0.01	0.01	0.14	0	0	0
Income taxes paid	8.81	11.5	6.77	12.1	1.03	38.5	1.47	-6.43	-2.46	-0.38

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $4.27 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	32.3%	Gross profit / revenue.
Operating margin	0.1%	Operating income / revenue.
EBITDA margin	1.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.4%	Pre-tax income / revenue.
Net margin	0.3%	Net income / revenue.
FCF margin	1.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.9%	Cash from operations / revenue.
Effective tax rate	11.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.6%	Net income / average total assets.
Return on invested capital (ROIC)	1.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	32.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	1.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-36.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-15.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-21.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-11.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-9.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-13.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-9.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.16x	Current assets / current liabilities.
Quick ratio	0.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.45x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	75.0%	Total liabilities / total assets.
Working capital	$22.2M	Current assets - current liabilities.
Tangible book value	$86.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.68x	Revenue / average total assets.
Fixed asset turnover	18.2x	Revenue / average property, plant and equipment.
Inventory turnover	4.92x	Cost of revenue / average inventory.
Days inventory	74 days	365 x average inventory / cost of revenue.
Receivables turnover	46.3x	Revenue / average receivables.
Days sales outstanding	8 days	365 x average receivables / revenue.
Days payables	39 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	43 days	Days inventory + days sales outstanding - days payables.
FCF conversion	574.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	32.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.06	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$18.71	Revenue / diluted weighted shares.
FCF per share	$0.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.54	Cash from operations / diluted weighted shares.
Book value per share	$2.79	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.79	Tangible book value / shares outstanding.
Cash per share	$2.00	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$130.2M	Share price x shares outstanding.
Enterprise value	$68.0M	Market cap + total debt - cash - short-term investments.
P/E	66.3x	Market cap / net income. Only when net income is positive.
P/S	0.22x	Market cap / revenue.
P/B	1.50x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.50x	Market cap / tangible book value, when positive.
P/FCF	11.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.78x	Market cap / cash from operations, when positive.
EV/Sales	0.12x	Enterprise value / revenue.
EV/EBIT	91.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.70x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.03x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.7%	Free cash flow / market cap.
Earnings yield	1.5%	Net income / market cap (the inverse of P/E).

What was TILLY'S, INC.'s revenue in fiscal 2025?

TILLY'S, INC. reported revenue of $553.6M for fiscal 2025, 2.8% lower than the year before.

Was TILLY'S, INC. profitable in fiscal 2025?

No. It reported a net loss of $17.5M.

How much free cash flow did TILLY'S, INC. generate in fiscal 2025?

Cash from operations of $4.1M minus capital expenditures of $4.7M left free cash flow of -$589.0K.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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